Recall that on 20th of Dec, we highlighted LBALUM (Technical Buy @ 58 sen) when its share price confirmed a “Ascending Triangle” chart pattern. During this 4-month time frame, the share price performed mostly to our expectations, with LBALUM finally surpassing our target price of 68.5 sen yesterday for a good 18.1% gain. For the day, the share price was up by 13 sen to end at RM0.75 on high volume. While the technical picture has yet to show signs that momentum is waning, we note that both the Stochastic and RSI indicators have entered into overbought regions. This indicates that further gains are likely to be limited from here, and as such, we suggest traders “Take Profit” on any strength. 

 

Source: Kenanga